Ratings update: 
Ratings update

Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Income Tax Registration number 9000/051/71/5)
(Share code: BAW)
(JSE ISIN: ZAE000026639)
(Share code: BAWP)
(JSE ISIN: ZAE000026647)
(Bond issuer code: BIBAW)
(Namibian Stock Exchange share code: BWL)
("Barloworld" or the “Group”)

RATINGS UPDATE

On 3 April 2020, as a direct consequence of the South African sovereign rating downgrade, Moody's has
assigned a corporate family rating (CFR) of Ba1 to Barloworld and has withdrawn Barloworld’s long-term
Baa3 issuer rating, in line with the rating agency's practice for corporates with high-yield ratings. Moody's
has also downgraded the short-term rating to Not Prime from Prime-3 (P-3).

Concurrently, Moody's has downgraded the long-term national scale issuer rating to Aa2.za from Aa1.za
and has affirmed the short-term national scale rating of Prime-1.za. The rating outlook remains negative.

Moody's reported that the downgrade to Ba1 from Baa3 reflects the fact that Barloworld is intrinsically linked
to the macro environment of South Africa with close to 75% of revenue and operating profit derived in the
country. The full Moody's rating report on Barloworld will be available online at
https://www.barloworld.com/investors/ and further details are available on Moody's website.

In our view, Barloworld's earnings potential is also positively exposed to our increasing offshore investments
which provide some geographic diversification. We have a robust strategy (fix, optimize and grow) in place
that is expected to deliver value in spite of the macroeconomic dynamics. As stated in the trading update
issued on 30 March 2020, the Group will continue reviewing its overall portfolio in line with changing long-
term global trends and will carefully consider the changes required to ensure long term sustainable value
creation.

06 April 2020
Sandton

Equity and Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 06-04-2020 02:29:00
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